First Lien Event of Default definition

First Lien Event of Default means an “Event of Default” as defined in the First Lien Credit Agreement.

First Lien Event of Default means any “Event of Default” as defined in the First Lien Loan Agreement.

First Lien Event of Default shall not in and of itself constitute an Event of Default under this paragraph until the earlier to occur of (x) a period of 60 days has elapsed following notice of such First Lien Event of Default from the administrative agent or any lender under the First Lien Credit Agreement to the Borrower, or from the Borrower to such administrative agent or any such lender, and (y) the acceleration of the maturity of any of the loans or the termination of any of the commitments under the First Lien Credit Agreement in connection with such First Lien Event of Default or the exercise of any remedies by the lenders or the administrative agent under the First Lien Credit Agreement in connection with such First Lien Event of Default;

Examples of First Lien Event of Default in a sentence

• Notwithstanding anything to the contrary in this Agreement or any other Secured Debt Document, the Collateral Agent shall only issue Entitlement Orders or instructions with respect to Deposit Accounts, Securities Accounts, Security Entitlements, Commodity Accounts and Commodity Contracts upon the occurrence and during the continuance of a First Lien Event of Default.

• Upon the occurrence and during the continuance of a First Lien Event of Default, Mortgagee is hereby empowered to enter and to authorize others to enter upon the Premises or the Improvements or any part thereof for the purpose of performing or observing any such defaulted term, covenant or condition without having any obligation to so perform or observe and without thereby becoming liable to Mortgagor, to any person in possession holding under Mortgagor or to any other person.

• If a First Lien Event of Default shall occur and be continuing, Mortgagee, upon application to a court of competent jurisdiction, shall be entitled as a matter of right to the appointment of a receiver to take possession of and to operate the Mortgaged Property and to collect and apply the Rents.

• No consent or waiver by Mortgagee to or of any breach or First Lien Event of Default by Mortgagor in the performance of the First Lien Obligations shall be deemed or construed to be a consent or waiver to or of any other breach or First Lien Event of Default in the performance of the same or of any other First Lien Obligations by Mortgagor hereunder.

• The use of such license by the Collateral Agent may be exercised, at the option of the Collateral Agent, only upon the occurrence and during the continuation of a First Lien Event of Default; provided, however, that any license, sublicense or other transaction entered into by the Collateral Agent in accordance herewith shall be binding upon each Grantor notwithstanding any subsequent cure of a First Lien Event of Default.

More Definitions of First Lien Event of Default

First Lien Event of Default shall have the meaning assigned to such term in Article VII.

First Lien Event of Default means each “Event of Default” as defined in the First Lien Intercreditor Agreement.

First Lien Event of Default shall have the meaning assigned such term in Section 7.01(p).

First Lien Event of Default shall not in and of itself constitute an Event of Default under this paragraph unless (x) such First Lien Event of Default shall not be cured or waived within a period of 45 days following the occurrence thereof or (y) the loans under the First Lien Credit Agreement accelerate or mature or the commitments thereunder terminate as a result of such First Lien Event of Default or the lenders, the administrative agent or the collateral agent under the First Lien Credit Agreement exercise any remedies as a result of such First Lien Event of Default;

First Lien Event of Default means an “Event of Default” under and as defined in any First Lien Document.

First Lien Event of Default shall have the meaning assigned thereto in Section 7.01(g).

First Lien Event of Default means any event or condition that, under the terms of any credit agreement, indenture or other agreement governing any Series of First Lien Debt (as defined in the Intercreditor Agreement) causes, or permits holders of First Lien Debt outstanding thereunder (with the giving of notice or the lapse of time, or both, to the extent applicable) to cause, the First Lien Debt outstanding thereunder to become immediately due and payable.